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CNBC 27
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CNBC
Sep 26, 2012 7:00pm EDT
ceos, does the pessimism spell trouble for president obama and maybe the rest of us also? president obama and mitt romney meanwhile battling it out in the swing state of ohio. john harwood joins us now with all the details. good evening, john. >> good evening, larry. you know, in the wake of that 47% video last week, mitt romney's got a new message and that's to tell middle class people as well as the poor that he cares about them. he did it on the stump in ohio today, he also did it in an interview with our nbc colleague ron allen just a few minutes ago. here's mitt romney. >> i served as a pastor of a congregation with people of all different backgrounds and economic circumstances that i care very deeply about the american people and people of different socioeconomic circumstances. and i think throughout this campaign, as well, we've talked about my record in massachusetts. don't forget, i've got everybody in my state insured. >> and here's some numbers, larry, that show you why that is mitt romney's message rather than tax cuts. you can't compare in the state of ohio where a new
CNBC
Sep 25, 2012 7:00pm EDT
do obama's gaffes go unpunished. the kudlow report is moments away. >> the bears won. but i don't think it was convincing. i'm calling it a five or six if we were bowling and using the replacement refs to figure out what the score was. see you tomorrow. larry, what do you have for us? >> good evening. everyone this is the kudlow report tonight. replacement referees in the nfl fans, players and politicians say this has to end take a listen. >> did you guys watch that game last night? >> i mean, give me a break. it is time to get the real refs and you know what, it remains me of president obama and the economy. if you can't get it right it is time to get out. >> the league is being put to the test of whether the nfl shield is truly bullet proof or will the $10 billion brand take a big hit and whether the ref's union to blame. fran tarkenton joins me to tell me what is going on. police clash with protesters and fire rubber bullets into the crowd. the protests seem to worry investors here as stocks slid late in the day the dow well 101 points. media jumped all over romney's remark.
CNBC
Sep 25, 2012 2:00pm EDT
confounding. example, the majority of those polled believe president obama will be better for the economy down the road, even though they think it is worse now than it was four years ago. steve liesman, please, explain this discrepancy to us. >> yeah exit is really a paradox or a poll with a paradox in it, cnbc all-america sur acres have 800 americans all across country. get right to the charts, see what i can do to help explain this on the economy, 55%, no questions here about what people think. say things were worse than four years ago, just 27% better. 17 the same. but who do they think would be better for the economy in the next four years? 43 to 34, romney. i will tell you in our last survey that we did in june, pretty much the same sample. we asked a slight variation on the e con question, romney beat obama by six points on the economy. let look at all the different issues we asked. went more in depth than almost anybody else. on jobs, 23-59% saying worse than four years ago. over here, health care, obama's signature issue, many people don't think it is better than it was. in fact, 2-1 i
CNBC
Sep 25, 2012 3:00pm EDT
the value of their investments since president obama took office? we look at the latest survey, which we'll talk about more later in the program. 34% of americans say their investments are better off than they were four years ago. just 29% said that they were worse with 28% about the same. the facts are the s&p 500 has skyrocketed over 70% in that time, of course, due to the central bank stimulus action. so what's the disconnect? joining us with answers so that and more is the pimco ceo. good to see you. thanks for joining us. >> thank you, maria. >> let me get your take with what's going on in spain right now. we've been looking at these pictures of protesting. it certainly feels like things are worsening there in terms of the unrest and certainly the economic challenges. what's your take on the latest? >> it's an indication of how difficult it is to go from designing a response to implementing it. one of the problems you have in europe is that parts of the populations are just fed up. they've had enough. so you start getting rejection. it's most acute in greece where you've had economi
CNBC
Sep 26, 2012 1:00pm EDT
mentioned president obama and mitt romney hitting the spring state of ohio in duelling events. the president speaking ott bowling green university. governor romney in bedford heights, pushing his economic plan to business leaders there. the polls show the president is holding a lead in the state. cnbc's chief washington correspondent john harwood has the latest on that. >> the 18 electoral votes in ohio are critical. no republicans won the white house without them. mitt romney is in a hole in ohio now. new york times cbs poll out this morning showed him down by 10 percentage points in ohio. other polls show it closer. everybody agrees he's behind. look at the numbers. it tells you about his ohio trouble from this poll when you ask people who's better on the economy, that's mitt romney's signature issue. barack obama by 51 to 45%. when you ask who would favor the rich, 8% say president obama. 58% say mitt romney. that's not good for him. when asked does mitt romney or barack obama understand the problems of people like you, by 59% to 38% people say obama understands, romney does not. that exp
CNBC
Sep 26, 2012 4:00pm EDT
. which candidate has the better energy plan in your view? >> well, obama has no energy plan. he talks about energy a little bit. he never has a plan. romney has a good plan, and i believe romney will carry it out. that all the people that have run for president since nixon, republican and democrat, have always said elect me and we'll be energy independent. romney has not said that. he has said with a north american alliance, that we can bring together mexico, canada, and the united states, and we can be energy independent using all of north america. but that's good because they're good neighbors. we work well together. all that can be accomplished, but romney is realistic about a plan. his plan is use our own resources. >> and we know that's a job creator. do you think he has a shot to win the election? >> oh, i think he will win the election. i think he has energy as a big component. there are 30 states in the united states now that produce energy. when i went in the energy business a long, long time ago, there was only nine states. there are 30 states now. so millions of jobs are cr
CNBC
Sep 27, 2012 6:00am EDT
this economy is enacting extreme austerity, and this debate is relevant whether it's obama or romney. is austerity actually denting growth, is it creating more problems than it solves. let me give you one example. we have a sales tax in this country that has been raised from 16% to 18% to 21%. that has created a slight inflation issue. now, pensions are inflation linked. and this country in november has to increase pension abouts by inflation. so by raising 2.5 billion euro v.a.t., it will cost them 3.5 billion euro misincreased pension costs. so you can see the conundrum. they're enacting enormous amounts of austerity, but that's denting an economy which is already in recession. its second since 2008. and things are getting worse. 25% unemployment, a million up sold homes. and we haven't even talked about the banking crisis and the autonomous region, some of which including catalonia are looking trying to get some form of assembly. it is a toxic mix. >> imagine that there will be pressure on markets as this they think unfolds. we're also counting down to the wire here of course in t
CNBC
Sep 24, 2012 4:00am EDT
facing a 20 billion euro shortfall. >>> and mitt romney and president obama disagree over israel ramping up the rhetoric. >> and foxconn shuts down a northern chinese factory after a brawl involving 2,000 workers. >>> germany's sentiment index falls, and the mood continuing to u.s. futures. closing in on the start of the trading day, dow jones implied to open lower by more than 35 points. nasdaq and s&p 500 also looking to shed their gains, as well. take a look now at the cnbc ftse global 300. down a third of a% in light of that data which hit just about an hour ago. european markets she the ftse 100 down 0.4%. xetra dax this one in focus this morning, that's down 0.6%. cac 40 down almost 1% this morning. this ahead of a key budget unveiling. ibex 35 not benefiting from the risk off attitude. down 1.6%. >> and i think the ifo number, we had a better pmi out of germany last week, so the expectations it would hold up and it didn't. but it is worth pointing out 50% of the responses were taken before the constitutional court ruling in germany. quite a lot of paper being issued by italy this
CNBC
Sep 26, 2012 6:00am EDT
. but pointless, really. going to lose to the reds one way or another. >>> both president obama and mitt romney will be in ohio today. the story behind that swing state. >>> welcome back. take a look and you'll see that the dow futures are slightly higher. s&p futures up by close to two and a half. this comes after the market ended on its weakest levels of the day yesterday. yesterday was the worst day for the month of september for the dow. it was the worst day in two months for the nasdaq and it was the worst day in three months for the s&p 500. all of that kind of playing out overseas as well. in europe this morning, you are going to see some red arrows. a lot of concern about what's happening as protests pick up in spain, and you see more concerns coming in greece right now about austerity measures. the german dax is down by about 1.5%. the nikkei in japan was down by 2%. >>> in "sporting news," the atlanta braves are on their way to the postseason in. the boft the ninth against the marlins last night, freddy freeman connected and takes it to straight center for a walk-off homer. exciting.
CNBC
Sep 25, 2012 12:00pm EDT
to have you. >>> president obama due to address the clinton global initiative annual meeting at any moment. he is in new york city. we're going to take a little bit of that and talk to amon javers. this is the big event that coincides. not to be new york centric, the traffic is horrific with all the security of all the important people in town. but as soon as he begins addressing that, we'll have amon javers let us know exactly what he's talking about. if you're confused, yes, the president did address the u.n. earlier this morning. we already covered that. we'll also tell you what he's saying at clinton global initiative. >>> the specs on the home builder rally, why it may not be up to code. >>> don't call bob rodriguez a bull, why he thinks fed policies are one of the biggest threats facing the nation. >>> first the battle of the tech titans. what's the best bet for your portfolio, apple or google. ken fisher said either one but we'll get specifics as google hits another record high. sometimes investing opportunities are hard to spot. you have to dig a little. fidelity's etf market track
CNBC
Sep 25, 2012 4:00pm EDT
to the upcoming election. there's such a divergence of opinion between president obama and senator romney, where they want to take the country and what direction it would be. i think corporations are just holding back cash. i think individuals are holding back cash too. we're seeing less investment in the marketplace. if we're going see the fiscal cliff, which i'm sure we'll talk about throughout the day, but if we're going to see the bush tax cuts roll off, we're talking about dividends going up significantly. right now you cannot get any yield. everyone is chasing yield. you can't get it from the united states government. they'll pay you nothing. people are going say, wait a minute, now i have to pay 36% and i have risk in the marketplace. these are a lot of big issues. >> i know you meant governor romney. >> let me apologize. >> do you think we go to the election and are in standstill mode until then? once we get the clarity of who's in the white house, what's your expectation? >> i do. i don't anticipate a lot. i know people are talking about that we'll see more in the early parts of novembe
CNBC
Sep 27, 2012 3:00pm EDT
obama as to how to prevent the need for a strike on iran. obama's strategy seems to be based on some sort of wishful thinking, whereas netanyahu's is kind of more built upon historical context and what has prochb to proven to be a success in the past. the only time we've ever seen iran suspend their nuclear program was back in 2003 when the threat of credible military action was real. what netanyahu is coming out and saying today is we better make that real. otherwise, you know, it's going to hit us where we least expect it. >> so, john, what do you think an israeli strike on iran would do to the price of oil and the markets? i mean, obviously this has much broader implications for the world and people's lives, but taking a look at the oil markets, how destabilizing would that be? >> you know, it will depend, maria, on what the strike looks like, to be straight here. a pinprick type of operation like they did in syria and iraq years ago would certainly spike the price of oil. you're going to go right to that 2008 $150 high. maybe even higher. but do we stay there? that's the question
CNBC
Sep 24, 2012 6:00am EDT
. >>> still to come this morning on squawk, president obama, mitt romney and their respective campaign staffers hitting the airwaves. we'll have some of the highlights. and in the next hour, we have two of the world's most renowned scholars in the field of energy. why they argue that the situation in iran could be a game changer for crude prices. meantime, iranian hackers are have said to have attacked jpmorgan and citigroup. we'll talk cyber security. and ask reputation.com's michael fertik is the nation's banking system is at risk. ffrs . >>> tomorrow on "squawk box," an hour with our guest host barry diller who ran pariramount and fox. we'll talk politics with jeb bush. at optionsxpress we create easy-to-use, powerful trading tools for all. like our all-in-one trade ticket. we put strategies, chains and positions all on one screen. start trading today with optionsxpress by charles schwab. >>> last night both mitt romney and president obama were on "60 minutes" and this was a chance to see both of the candidates. it was a very interesting way of watching about it, among the topics th
CNBC
Sep 25, 2012 4:00am EDT
europe's crisis. >> and president obama is set to address the u.n. general assembly in new york a day after inflammatory comments from ahmadinejad. we're looking for a bit of a rebound after closing lower yesterday. dow jones trying to add about 10, 11 points here. nasdaq and s&p also looking to add here. but again, this follows a down day yesterday. but it was a monday, so what do you expect. global 300, we can focus in here on the european bourses because we were across the board same thing, indecisive attitude. ftse 100 basically flat. xetra dax 4/10 of a point. cac 40 down 0.4%, so not just germany. ibex 35 trying to add 0.3%. it did just auction off debt paying a little bit more for those 12 month bills than last time. >> we did see as kelly rightly says yields slightly higher. spanish debt yields there also slightly higher. look at this, ten year u.s. yield now 1.69%. so we are back to the levels if not below the levels we were at before the fed announced another bout of quantitative easing. euro-dollar pretty much at the levels we were at this time yesterday. dollar-yen is weak
CNBC
Sep 26, 2012 4:00am EDT
to volatility that we're seeing this morning. >>> u.s. president barack obama called for an end to extremism yesterday. he also paid tribute to christopher stevens, the u.s. ambassador to libya who was killed during recent protest. in his last major foreign policy address before the upcoming election, obama also reiterated his desire to find a diplomatic solution with iran, but warned that time was running out. usef joins us from iran now. as we can expect to hear from ahmadinejad later today, what might he -- are we going hear any change in rhetoric from the past? how much will the world's attention be focused on this moment? >> well, kelly, you're right. president mahmood ahmadinejad's speech is expected for later today. it comes actually quite at an interesting time because it would be the hollywoodiest dies jewish calendar. of course, obama's speech comes at a time when the united states is facing a very difficult situation in the middle east. we saw the ongoing protests, and of course, anti-u.s. sentiment is at relatively high in terms of its historical sort of context. but again, peace
CNBC
Oct 1, 2012 4:00am EDT
all registered voters, obama hold as five point lead, but 52% of them are being a stros swi acrosses swing states, they favor the obama. the debate starts wednesday at 8:00 p.m. eastern. >>> and if president obama is reelected, one of the first job may be to find a replacement for geithner. the wall street journal reports the white house chief of staff jack lew and former clinton chief of staff are two top candidates. both budget experts and could play a major role in the looming fiscal cliff. >>> nokia's into another big customer for its mapping software. the "wall street journal" says the company will unveil a deal with oracle today in san francisco. nokia also recently signed deals with groupon and amazon. nokia a got into the map business with it purchase and has been expanding the service. and back to the banks, shares in banco have been suspended. the bank has announced it will report record write downs of 9.3 billion euro this is year and have suspended its dividend this month. julia has more reaction to what they're saying. they'll launch the share increase by mid november. d
CNBC
Sep 24, 2012 5:00pm EDT
is the election. we are going to get a president no matter what. it is either obama or romney. and then for the next four years we are okay. so we have to face the fiscal cliff. what is going to happen with the fiscal cliff? it is in nobody's best interest to see a recession for 2013 or beyond so you know there will be a compromise in congress between the time of the election and maybe the first month of the next year. >> let me ask you about an allocation. caterpillar. 2015 they don't see the world needing the same type of mining equipment. if you look at commodity valuations we talked about early cyclicals. what is the slow money called? we have some saying it doesn't look so great. >> you are going to have to focus more on the longer term. you can't invest for the long term if you're an investor by focusing on what caterpillar is going to do. now is your opportunity to tow into a caterpillar. caterpillar is where you want to start to tow in. a name like cliff natural resources early cyclical baks material stock is going to be an area to tow in. it is not a tremendous turn a
CNBC
Sep 24, 2012 9:00am EDT
talked and the fact that obama is leading in the polls and the market has to consider the fact that aggressive rises in capital gains tax. that may be a fact. at what point will people sell anticipation of that, do you think? >> i think they are nervously watching and they bought into the qe thing assuming that the gridlock will continue and perhaps from the presidential polls to the presidential election polls. and if there is still not complete control by any one party, the deadlock will continue and the market will be mollified with that. >> you mentioned what you would do if you were at the sidelines at this point in time and "the wall street journal" article was interesting, sort of implying that fund managers were up and will actually sell. the vast majority of mutual fund managers and hedge funds are underperforming their marks. do you think this is going to be a force in the market, as "the wall street journal" wants to make it? it seems to me that the moneying managers outperforming are in such a minority that even if they went to the sidelines -- >> we've seen it. we'
CNBC
Sep 25, 2012 9:00am EDT
a lot. >>> the united general assembly's 67th session opens today with president obama getting ready to take the stage at any moment. conflict in the middle east will be one of the key topics of his speech. we are at the white house and joined with a quick preview. >> reporter: two main subjects on the aden gentleman going to the yutss today. we are going to talk about the violence in the muslim streets that culminated into the american ambassador to libya. and he'll talk about the nuke lower armed iran. i was going to say there are no words for the innocence of the killing we have seen. there's also no video to justify an attack on an embassy. there's no slander that provides an excuse for people to burn a restaurant in lebanon or destroi a cool in tune this -- he does not think that the united states can live with the nuclear armed iran. carl, one point to think about as we think about the president's remarks here, he's been under fire f, and the obam camp is making an important issue, obama is clearly walking a tightrope today and doesn't want to threat up his re-election chances.
CNBC
Sep 26, 2012 2:00pm EDT
of trumpets. ♪ >> we should have trumpets on every hit here. let's look at the brand new ad from barack obama's team. then we'll slice and dice on the other side. listen. >> he attacked millions of hard-working people making 25, 35, 45,000 dollars a year. they pay social security taxes, state taxes, local taxes, gas, sales, property taxes. romney paid 14% in taxes last year on over $13 million in income. >> the obama team's complaint is romney is ignoring all of the other nonfederal taxes people pay when he's accusing them of not paying taxes. what happens in the second half of the ad? >> they are comparing apples to oranges again. >> they did the same thing they accused the romney team of doing which is ignoring all of the state, local, real estate, sales and other taxes people pay. for the record we checked. what did mitt romney pay according to his 2011 tax returns? here's what he paid in state and local taxes. he paid over 1.3 million dollars in state and local. he paid $214,000 plus in real estate taxes and a whopping $146 in personal property taxes. the point is he did pay the other tax
CNBC
Sep 27, 2012 2:00pm EDT
was this is a problem that's gone on for many, many years. a report in 2007 found this. >> we're not blaming obama. it's not a party thing. get your own house in order, right? >> you're missing my point. >> what is your point? >> my point is that this is a problem that goes back into the 1980s and the 1990s. the obama administration -- i know you're not trying to be political here. the obama administration has put in place a number of procedures to try and fix this. the oig report recognizes that. many of the problems identified in 2007 are, in fact, being implemented, but they haven't been fully implemented. they ought to be. if we're looking for area where is the taxpayers are getting the shaft here, this has been pointed out on this show. you look at the ability to shelter money in places like the caymen islands. taxpayers are losing billions of dollars a year because of these shady taxpayers that the irs can't get information about. >> so it looks like it's nothing new, which is even sadder, really. scott and julian, got to go but thank you so much for joining us. interesting stories. >>> up next,
CNBC
Sep 28, 2012 4:00am EDT
area today which a republican hasn't won in nearly 25 years. pennsylvania, that is. president obama sticks close to washington today, though, with three fund-raising events. both men were in virginia yesterday catering to the state's strong u.s. military and defense industry presence. mary jo is still with us. is mitt romney in pennsylvania because he thinks there's a chance? how important is winning pennsylvania to him? >> pennsylvania is one of several battleground states in this election and it comes town really to a handful of states including ohio and florida and of course pennsylvania and virginia. the undecided vote so far is very small, but let's keep in mind at this stage ronald reagan in 1980 was running about five points behind jimmy carter. by mid october, he was 13 points behind and yet he won the election by nine points. >> what do you think will be that catalyst for swinging things in mitt romney's favor? >> a strong debate by mitt romney. there are three of them coming up. a misstep by the president. some sort of international incident to thinks that might come out a
CNBC
Sep 26, 2012 9:00am EDT
contributors to barack obama. so let's focus on the left side of the aisle this morning. we're using fresh data here from the center for responsive politics, focusing on donors who gave to groups that contribute some or all of their money to the presidential race. we're going to start with number five, jeffrey katzenburg, the ceo of dreamworks. he and his company have been lobbyists for a lot of copyright companies in washington as well as protection against china. katzenberg attended a lunch with biden and top chinese officials. after that, dreamworks has a jv with the son of china's president. going on to our number four on the list is jim simons. he is the founder of renaissance technologies. and he is the richest of the democratic dee nonors with a ne worth of $11 billion. education is a big issue for the democrats. math education and reform of public education, big issue for jim simons, who i'm sure will be a big voice for democrats. remember, president obama's change of position on gay marriage this summer, shortly after that, he got a big check from a guy named jon stryker, architect in
CNBC
Sep 27, 2012 4:00am EDT
it as a china manipulate directory while obama accuses of profiting from jobs september overseas. >>> japan continues to take a hard line in its territorial dispute. let's go to the nikkei following the story for us. >> yes, prime minister noda is sticking to a hard line that japan will not compromise over its territorial issue dispute with china. in a speech to the urn and press conference yesterday, he stressed the islands are an integral part of japan and the issue should be settled under international law. but china reacted by saying china has broken international law. meanwhile the tensions continue to damage china related businesses. cancellations for flights to and from china have reached 40,000 seats. and production cuts are in china. >> stay there for one second. another story that we're following as relations between japan and china aren't going so well, japan may be getting companyier with myanmar. is that right? >> yes. the japanese government is teams up with myanmar's public and private sectors to set up a training center next spring. the aim is as to boost business skills to
CNBC
Sep 28, 2012 6:00am EDT
if it was president obama gets re-elected, then at the high end you'll see the bush tax cuts not extended for the high end. and then -- but if romney wins it, you would see them all extended. is there one that would have a better outcome in your view? >> you know, i think there's a -- there's a tension between two different things here. on the one hand, there's a sense that in the very near term with a weak overall economic performance continuing that raising levels of taxes wherever in the distribution may have some negative effects on economic growth. and then there's a harder long-term question, frankly, which is how tax rates on capital gains, on dividends which feed through a somewhat complicated channel by encouraging various kinds of saving activity and ultimately lowering the cost of capital to businesses and encouraging investment, how that translates into long-term economic growth. that is frankly a difficult chain to try to measure in any precise way, and consequently it's harder to be able to trace through the quantitative impacts on growth to follow through on channels for that. >> to fol
CNBC
Sep 27, 2012 9:00am EDT
. something for candidates romney and obama in today's data. you can imagine romney pounding on the weak growth and obama saying hey, 286,000 more jobs out there and there's also something for bulls and bears but not much anybody from a sober analysis this remains a weak growth economy. melissa? >> thank you very much, steve liesman. >>> and from the u.s. to spain, let's head across the atlantic for more on spain's budget as the country hopes to avoid a bailout. steve sedgwick joins us live with the very latest. steve. >> reporter: yeah, thanks very much, indeed. we just heard literally in the last 20 minutes or so that the press conference, the announcement about this austerity that we've been waiting for all day will now get the conference in around about an hour's time. so all should be revealed about what rajoy intends to do. in the next stage of austerity. because i think the next stage because there's already been at least four bouts of austerity from this government since it came in in december last year. the last was a 2012 budget which we got 64 billion euros worth of austerity
CNBC
Sep 28, 2012 2:00pm EDT
now. china, energy and national security. president obama has just revoked a chinese-owned company called ralz corporation to divest its interest in wind farms. the president cites unspecified national security risks as the reason for blocking that deal. >>> let's take a little sunshine into the show. the diagnostic testmaker ceo telling our own jim cramer about the advertising promotions of the in-home hiv test and efforts to -- it's the first over-the-counter self-administered test for the virus that causes aids. it was approved by the u.s. health regulators back in july. i remember we did it on our street talk here on "street signs". >> well now for our disaster dus? jour. a company called adtran. broadband company. ethernet switches, routers, et cetera. that stock taking a big hit today. they cut their forecast in a big way. that's about half of what wall street was expected. downgraded to underperform at bank of america-merrill lynch with a target of 15 bucks. so mandy, another 2.25 down side here. >> downright scary sign of life for the u.s. economy. we find them where we can
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